Pharmaceutical company Pfizer (NYSE:PFE) has entered into a definitive agreement to acquire Arena Pharmaceuticals (NASDAQ:ARNA) in a $6.7-billion U.S. deal.
Pfizer said it will take over all outstanding shares of Arena for $100 U.S. per share, representing a 100.2% premium to Arena’s last closing price.
Arena is developing several treatments for gastroenterology, dermatology, and cardiology. The drug developer’s ulcerative colitis treatment candidate, called "Etrasimod," is now in a late-stage clinical trials.
Pfizer said it expects to finance the transaction with cash on hand. The deal is expected to close in the first half of 2022.
